With Bernanke Testimony, Less Fear for Gold Bugs

Have we seen a bottom for the gold market? Tatyana Shumsky reports. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... chairman Ben burn Anqi speeches forty ... course he always moves them or get one of those markets where it has been under ... pressure lately ... the gold market time Jana Shumsky is here to talk about it ... his goal that you see it up one percent that's not a huge number obviously one percent ... but tight DNA you think that the ... media the euro hit a second evolution of bottoming this gold selloff ... maybe maybe maybe South Island gold XT down something like what ... the charts on the other went to ... a single day gold is down something like fifteen between fifteen seventy percent the CME and much of those losses were because we were really scared that the Fed is going to pull the rug from under the market ... that was going to ... on the stimulus effort is an reversed course were ... taken as bond buying this at the end of this yet and the reason why a lot of people piled into gold in the first place was because we thought QE would lead to inflation ... and would weaken the dollar ... manicure in the Kiwi this risks also go way ... and today again I never really seen inflation goal for garments exactly for inflation has been fun but I inflation it is a very temperamental capricious things begin showed up ... there and expectantly ... but Greenpeace said today that you know what ... we still need QE and I was a cute really ... it was very very donation can see in the stock market ... that's leading to ... be no ... mood all markets I was in the dollar's been The lately actually the dollar's been strengthening the street scene solid currencies ... in a single ... goal has been a brutal market this year ... as it happened to find a point on it or not ... he's been through even at that gold selloff stopped at this point covers damage was done ... I mean you are ... even though prices have kind of slowed down their there they're little kind of ... decline in you seen a lot of people it is cut and run ... at the losses in the ETF said I in gold backed ETF became traded funds have continued unit people are selling everyday ... I believe that right now the global gold held by ETS is at its lowest point since died tonight twenty eleven ... I mean ... that's ... that tells you about a loss of confidence in Korea and the miner's to write the coal miners and getting old boy that it's been a really really painful ID at goal plans tend to have been in a troubled sector because a lot of this company's ... main companywide mistake seen him ... high costs project and runs ... and they were struggling to make money when gold was an eighteen handshake ... and golden know a lot of the equity investors said wait she couldn't make money when this market trades at a record company make money now